Short Seller Chanos Targeting Data Centres (Hedge Week)
“Legacy” data centres are attracting the attention of short seller Jim Chanos as the face growing competition from the tech giants that to data have been their biggest customers, according to a report by The Financial Times. Chanos, most famous for predicting the Enron collapse over 20 years ago, is said to be seeking several hundred million dollars a for a new fund that will bet against US real estate investment trusts (REITs) that own big server warehouses. While the data centre market is currently buoyant on the back of a global expansion in cloud computing, Chanos’ thinking is that the world’s biggest cloud service providers – Amazon Web Services, Google, and Microsoft Azure – will prefer to construct their own facilities than rent space elsewhere, providing tough competition for the likes of Digital Realty Trust and Equinix.
Texas Hedge Fund Expects Further Volatility in Energy Markets (Opalesque)
The war in Ukraine has generated a sharp increase in energy prices and significant volatility in European energy markets. Asia-Pacific economies are facing an energy crisis that threatens to worsen in coming months and reach historic proportions if the war continues. Coordinating with the International Energy Agency, the G7, during their 26-28 June annual summit, said they would explore measures to reduce price surges and prevent effects to economies and societies globally. But the consequences of sanctions and potential price caps have yet to be fully comprehended.
AC Milan Investor Sues to Block Elliott’s $1.3 Billion Sale (Bloomberg)
A minority investor in Italy’s AC Milan is pushing to block the 1.2 billion-euro ($1.3 billion) sale of the storied football team to US-based RedBird Capital Partners. Blue Skye Financial Partners said hedge fund Elliott Investment Management engaged in “behind closed doors” negotiations to sell the club in breach of its minority rights. Blue Skye is seeking documents from a US court ahead of an imminent Luxembourg legal action to annul the sale or obtain damages, it said in a New York filing.
Michael Burry: Tesla Layoffs an Ominous Sign for White-Collar Workers (New York Post)
Recent reports of layoffs at Tesla are an ominous sign for white-collar workers nationwide, “Big Short” investor Michael Burry predicted on Wednesday. Burry argued that blue-collar workers will stay in hot demand in a labor market that has remained tight so far despite a looming recession – while office workers could face job and salary losses.
Wednesday 6/29 Insider Buying Report: SKIL, CAMP (Nasdaq.com)
On Tuesday, Skillsoft’s Chief Financial Officer, Gary W. Ferrera, made a $108,270 buy of SKIL, purchasing 30,000 shares at a cost of $3.61 a piece. Skillsoft Corp is trading down about 2.8% on the day Wednesday. This purchase marks the first one filed by Ferrera in the past year. And also on Tuesday, CEO Jeffery R. Gardner bought $96,600 worth of CalAmp, buying 20,000 shares at a cost of $4.83 each. Before this latest buy, Gardner purchased CAMP at 5 other times during the past twelve months, for a total cost of $187,195 at an average of $6.04 per share. CalAmp is trading down about 6.7% on the day Wednesday. Investors have the opportunity to bag CAMP at a price even lower than Gardner did, with the stock changing hands as low as $4.31 at last check today — that’s 10.8% below Gardner’s purchase price.
First DOJ NFT Insider Trading Charges Mark New Enforcement Era (Bloomberg)
The first indictment for an insider trading scheme involving non-fungible tokens (NFTs) shows how the DOJ and the NFT community worked together and will need to continue cooperating, explain Wilson Elser attorneys John Cahill, Jana S. Farmer, and William H. Behr. They describe how the case also may provide clarity on whether NFTs should be categorized as securities.
This Insider Just Refilled His Platter with ARKR Stock (Tip Ranks)
Story Highlights: One of Ark Restaurants’ insiders has been loading up on its shares. Let’s find the transaction details in this article. Thomas Satterfield, who owns a 10% stake in Ark Restaurants Corp. (NASDAQ: ARKR), has made an informative purchase of $449,120 worth of the company’s shares. This is after he bought ARKR stock worth $136,289 a fortnight ago.
